3M Falls After Missing on Top, Bottom Lines

Shares of

are down 1.1 percent to $136.49 after reporting first quarter results, missing on both the top and bottom lines. The company reported earnings per share of $1.79 versus $1.80 analyst estimates. Revenue came in $7.83 billion versus $7.96 billion estimates. Revenue grew 2.6 percent year-over-year. Organic local-currency sales growth breakdown:

Organic local-currency sales grew 6.9 percent in Asia Pacific, 6.8 percent in Latin America/Canada, 3.7 percent in EMEA (Europe, Middle East and Africa) and 2.6 percent in the U.S. “Our teams delivered positive organic growth in all business groups and geographic areas, we posted strong margins across the portfolio and we returned a record amount of cash to shareholders. At the same time we increased investments in R&D and commercialization to help secure future growth in the business. 3M is well-positioned to generate sustainable, profitable growth far into the future,” said Chairman, President and CEO Inge Thulin.